PetroNeft, the Russian-focused Irish oil producer, has confirmed it issued restriction notices on the activist investor planning to oust several directors of the firm.
Natlata, led by Russian businessman Maxim Korobov, wants to replace four directors with three of its own people, including Korobov.
PetroNeft said it has issued restriction notices to two shareholders, Natlata (which holds a 29.47% stake) and General Invest Overseas (10.7%).
The notice could prevent them attending PetroNeft’s EGM in Dublin later this month.
In a statement, PetroNeft said it had identified a new significant shareholding on its shareholder register held by a nominee company.
Following protracted correspondence involving a number of offshore entities over an extended period of months, General Invest was identified as being the beneficial holder.
“The company’s investigations into the holdings of Natlata, General Invest and associated nominee companies continued throughout 2015 and into 2016, and included dialogue with advisers and regulators which is ongoing,” said PetroNeft.
On Friday, PetroNeft issued restriction notices following previous information requests issued to both parties under the Companies Acts including requests issued on 17 March 2016 by post and email.
“The restriction notices were issued on the basis that the previous information requests had resulted in either no reply or incomplete replies,” it said.
“The restriction notices do not place any immediate restriction on the ordinary shares of either party but merely request them to provide the information previously requested. If, following the expiry of a 14-day period, the Board has not received a satisfactory response, then certain rights attached to such ordinary shares, including voting rights may be suspended pending a satisfactory response.”
Korobov yesterday lambasted PetroNeft, accusing it of “shocking corporate governance”.